Macao SAR's GDP surges by 25.7 percent YoY in Q1 2024
Date
5/26/2024 9:37:15 AM
(MENAFN) According to the latest data released by the Statistics and Census Service (DSEC) of the Macao Special Administrative Region (SAR), the SAR's Gross Domestic Product (GDP) exhibited robust growth, expanding by 25.7 percent year-on-year in real terms during the first quarter of 2024. This notable expansion signifies a substantial recovery for the local economy, with its size rebounding to 87.2 percent of its pre-pandemic level in the same quarter of 2019.
The DSEC attributed this impressive growth to several key factors, including the flourishing exports of services, which have played a pivotal role in driving economic activity. Additionally, the SAR experienced steady growth in private consumption and gross fixed capital formation, further bolstering its economic resilience.
Furthermore, the service reported a significant surge in visitor arrivals, which soared by 79.4 percent year-on-year to reach 8.9 million during the period under review. This surge in visitor numbers reflects a strong rebound in tourism activity, with arrivals returning to 85.7 percent of the figure recorded in the same quarter of 2019, indicating a promising trajectory for the tourism sector's recovery.
The report also highlighted positive indicators of economic sentiment, which have contributed to a rise in investment across various sectors. Notably, construction investment and equipment investment witnessed notable increases, rising by 4.3 percent and 48.0 percent, respectively. These investments signify growing confidence in the SAR's economic prospects and underscore the resilience of its business environment amidst evolving market conditions.
Overall, the robust growth observed in the first quarter of 2024 underscores the SAR's ability to rebound from the challenges posed by the COVID-19 pandemic, demonstrating its resilience and capacity for economic recovery.
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